What's The Fastest Selling Property Type In The UK?
What do you think the fastest selling property type in the UK is currently? An inner-city studio flat, perhaps? Maybe student accommodation to meet the growing demand for HMOs (House in Multiple Occupation)?
If these were your first assumptions, then think again!
New data released by estate agent comparison site GetAgent has revealed that three-bedroom properties are the fastest to sell across the country.
The website pulls data from all of the major portals which they then cross-reference with the Land Registry using proprietary algorithms to create a comprehensive record of what is selling, where, for how much and how long they take to sell.
A three-bedroom property takes on average 122 days to sell, followed closely by two-bedroom properties which take just four days longer (126 days) to be taken off the market.
Four bedroom properties are the next most popular option for homebuyers taking an average of 141 days to sell, with one-beds taking 150 days, and five-beds the longest of all at 173 days.
Where is the best location to sell a property fast?
According to the research, the answer to that question is Scotland. All nine quickest selling areas are located in Scotland, although the absolute fastest place to sell is Lanarkshire where you can expect to wait around 55 days for your property to be snapped up by a buyer.
Outside of Scotland, Mansfield is the quickest with an average selling time of 72 days, followed by Ashfield (73 days) and Salford (73 days).
In London, a three-bedroom property will typically be sold in 148 days. The quickest London borough is Bexley (98 days), followed by Sutton (100 days), Waltham Forest (103 days), Barking and Dagenham (108 days) and Havering (118 days).
Why are three-bedroom houses more popular than others?
Three-bedroom properties are the most suitable option for growing families.
The popularity of this type of property also indicates that there is a lack of suitable housing currently on the market for those wishing to begin or expand their family.
As such, larger properties are generally snapped up pretty quickly once they are put on the market.
The advantages of purchasing a larger home
There are a number of advantages to purchasing a larger property, including:
- You can grow into it. Buying a starter home that may not be suitable for the family you may one day wish to have could ultimately cost you more if you need to buy and sell again in the relatively near future.
- You’ll have more room for guests and if you have a spare bedroom or two for now (before the babies arrive!), you could always rent it out on airBnB to make a profit and/or help pay off your mortgage.
- Flexibility. Nowadays more and more people are choosing to work from home or are opting into flexible working schemes. Having more space (and perhaps room for a home office) can be a real blessing!
- More storage space. You never know when that may come in handy!
- A larger home can provide more of a nest egg for retiring couples if and when it comes time to downsize (e.g. when the kids move out).
- A home with an extra bedroom (or bathroom) will likely fetch a higher sales price too, though you’ll probably have to pay extra yourself when you buy it. Of course, the appreciation will likely mean more money in your pocket when all is said and done.
The disadvantages of purchasing a larger home
- Larger upfront costs and more expensive utility bills. You will need to be certain that a larger home fits into your budget before committing to anything.
- While you’ll have more space to play with, it will also probably cost you more to decorate and furnish a larger home.
- More upkeep and repairs/maintenance may be required in a larger space - money, time, effort.
- If you don’t decide to grow your family, you may have unneeded and unused space, which is a waste of time (cleaning, decorating, maintaining) and ultimately money.
- The in-laws may be inviting themselves around every second weekend! Whether that’s a good or bad thing will depend on your individual family situation, of course.
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Content correct at time of publication.